USDCHF Strong long-term bullish wave expected.

١٦ أغسطس

The USDCHF pair followed almost perfectly our projected course last time we made an analysis on it (June 20, see chart below), as after a 1.5 Fibonacci rebound, it resumed the downtrend and hit our 0.8700 Target:

Having completed a 1D MACD Bullish Cross, on the same level as the January 04 2024 one, we view the recent rebound as the start of the new Bullish Leg towards the 1W MA200 (red trend-line).

As you can see, we've been basically within a wide but sideways structure for more than one year and the symmetry between the October - December 2023 Leg is very high with May - August 2024. Even the 1D MACD patterns are very similar.

As a result, we turn bullish on USDCHF again on a 0.9100 Target, just below the 1W MA200, which is the technical long-term Resistance.

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